Robinhood Markets Inc (HOOD) 2023 Q4 法說會逐字稿

Thank you for standing by. Welcome to the Robinhood Markets Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Chris Koegel, Vice President of Corporate FP&A and Investor Relations. Please go ahead.

謝謝你的支持。歡迎參加 Robinhood Markets 2023 年第四季和全年財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人，Chris Koegel，公司 FP&A 和投資者關係副總裁。請繼續。

All right. Thank you, Jonathan, and thank you to everyone for joining Robinhood's Q4 earnings call. With us today are CEO and Co-Founder of Vlad Tenev and CFO, Jason Warnick.

好的。謝謝喬納森，也謝謝大家參加 Robinhood 的第四季財報電話會議。今天與我們在一起的有 Vlad Tenev 的執行長兼聯合創始人以及財務長 Jason Warnick。

Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory development we continue to monitor, are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com.

在開始之前，我想提醒您，今天的電話會議將包含前瞻性陳述。實際結果可能與我們的預期有重大差異，除非法律要求，否則我們沒有義務提供更新。我們今天發布的新聞稿、收益報告和向 SEC 提交的文件中描述了可能導致差異的潛在風險因素，包括我們繼續監控的監管發展，所有這些都可以在 Investors.robinhood.com 上找到。

Today's discussion will also include non-GAAP financial measures. Reconciliation to the GAAP results we consider most comparable can be found in the earnings presentation.

今天的討論還將包括非公認會計準則財務指標。我們認為最具可比性的 GAAP 結果可以在收益報告中找到。

With that, let me turn it over to Vlad.

那麼，讓我把它交給弗拉德。

Thanks, Chris. Hi, everyone. We're going to try something a little bit different today. I'm going to keep my remarks brief so that we can spend more time on Q&A. Robinhood is focused on 3 things: number one, winning the active trader market; two, increasing wallet share as we deepen relationships with our customers and three, expanding internationally.

謝謝，克里斯。大家好。今天我們要嘗試一些不同的東西。我的發言將保持簡短，以便我們可以花更多時間進行問答。 Robinhood 專注於三件事：第一，贏得活躍交易者市場；第二，隨著我們與客戶的關係加深，增加錢包份額；第三，國際擴張。

I first off want to congratulate our team for a strong 2023. Trading market share was up 14% for equities and 19% for options year-over-year. Gold subscribers were up 25% to $1.4 million, and assets under custody exceeded $100 billion, fueled by the strength of our 27% organic growth in net deposits. And we've launched brokerage in the U.K. and crypto in the EU.

首先，我要祝賀我們的團隊在 2023 年取得了強勁的業績。股票交易市佔率年增 14%，選擇權交易市佔率年增 19%。在淨存款有機成長 27% 的強勁推動下，黃金訂閱者成長了 25%，達到 140 萬美元，託管資產超過 1,000 億美元。我們在英國推出了經紀業務，在歐盟推出了加密貨幣業務。

A couple of points to call out. In Q4, we finished with $1.3 billion of net positive brokerage account transfers into Robinhood, and we've already exceeded that total halfway through Q1. We've been taking trading market share for some time, and now we're winning net asset inflows from every 1 of our major competitors, averaging over $100,000 per transfer. And as for funded customers, we've already grown more in the first half of Q1 than we did in each of the last 8 quarters. So I love the momentum we're building, and I'm excited about 2024.

有幾點需要指出。在第四季度，我們完成了 13 億美元的淨正經紀帳戶轉帳到 Robinhood，而在第一季中我們已經超過了這個總數。我們佔據交易市場份額已有一段時間了，現在我們正在從每位主要競爭對手那裡贏得淨資產流入，平均每次轉帳超過 100,000 美元。至於資金客戶，我們第一季上半年的成長已經超過了過去 8 個季度的成長。所以我喜歡我們正在建立的勢頭，我對 2024 年感到興奮。

Before I discuss our road map, let's have Jason review our financial results.

在討論我們的路線圖之前，讓 Jason 回顧一下我們的財務表現。

Thanks, Vlad. It's good to speak with everyone today. We had a strong Q4 and 2023, and we have a lot of momentum starting 2024. Looking at 2023, we delivered significant profitable growth with record full year revenues, record adjusted EBITDA and record adjusted EBITDA margins.

謝謝，弗拉德。今天很高興能和大家說話。我們的第四季和2023 年表現強勁，並且從2024 年開始勢頭強勁。展望2023 年，我們實現了顯著的利潤增長，全年收入創歷史新高，調整後EBITDA 創歷史新高，調整後EBITDA 利潤率也創歷史新高。

We grew revenues 37% to $1.9 billion; delivered adjusted EBITDA of $536 million, which is more than 3x our prior high; drove 124% incremental margins as revenues grew by more than $500 million, even while we lowered costs; and we expanded adjusted EBITDA margin to 29%, as we make progress over time towards the 50%-plus levels we see from incumbents. And looking at Q4, we delivered $0.03 of positive GAAP EPS.

我們的營收成長了 37%，達到 19 億美元；調整後 EBITDA 達到 5.36 億美元，是我們先前高點的 3 倍以上；儘管我們降低了成本，但營收成長了 5 億多美元，利潤率仍實現了 124% 的增量；我們將調整後的 EBITDA 利潤率擴大到 29%，隨著時間的推移，我們朝著現有企業 50% 以上的水平取得進展。從第四季來看，我們實現了 0.03 美元的正 GAAP 每股收益。

Aside from the regulatory charges last quarter, Q4 would have been our third straight quarter of positive earnings per share. Q4 was also our sixth straight quarter of positive adjusted EBITDA. We're pleased with our results in 2023 and aim to continue delivering profitable growth in 2024.

除了上個季度的監管費用外，第四季將是我們連續第三個季度實現每股正收益。第四季也是我們連續第六個季度調整後 EBITDA 為正值。我們對 2023 年的業績感到滿意，並計劃在 2024 年繼續實現盈利增長。

Let's move to our fourth quarter business results. Assets under custody finished Q4 back over $100 billion for the first time since 2021. We delivered strong Q4 net deposit growth at a 21% annualized rate. And we're focused on driving net deposits even higher by improving our user experience and value proposition.

讓我們看看第四季度的業績。第四季託管資產自 2021 年以來首次回升至 1,000 億美元以上。第四季淨存款成長強勁，年化成長率為 21%。我們致力於透過改善用戶體驗和價值主張來推動淨存款更高。

When we look at historical customer cohorts, we see they have consistently added to their net deposits over time. which we think provides a strong foundation for sustainable long-term asset growth. And newer cohorts are starting with balances 1.5 to 2x higher, which is even more encouraging.

當我們查看歷史客戶群時，我們發現他們隨著時間的推移不斷增加淨存款。我們認為這為可持續的長期資產成長奠定了堅實的基礎。較新的群體開始時的餘額增加了 1.5 至 2 倍，這更加令人鼓舞。

We're also delivering growth in Robinhood Gold. Compared to our average customer, Gold subscribers in Q4 had more than 8x the assets with an average of about $40,000, grew net deposits more than twice as fast and have adopted our products at higher rates. Gold subscribers are up 25% year-over-year to 1.42 million. Gold ARPU is multiples of our average customer, which includes Q4 annualized recurring subscription revenue of $85 million.

我們也實現了 Robinhood Gold 的成長。與我們的普通客戶相比，第四季度的黃金訂戶擁有超過 8 倍的資產，平均約為 40,000 美元，淨存款成長速度是我們的兩倍多，並且以更高的速度採用我們的產品。黃金訂閱用戶年增 25%，達到 142 萬。黃金 ARPU 是我們平均客戶數的倍數，其中包括第四季度 8,500 萬美元的年度經常性訂閱收入。

This gold growth brings our adoption rate up to 6.1%, and we're working to take this even higher as we keep improving the value proposition. We also have strong momentum to start the year, as we added another 60,000 gold subscribers in January alone. That is nearly 3x the monthly average we saw in 2023.

黃金的成長使我們的採用率達到 6.1%，隨著我們不斷改進價值主張，我們正在努力將這一數字提高到更高。我們新年伊始的勢頭也很強勁，僅一月份我們就新增了 60,000 名黃金訂戶。這幾乎是 2023 年月平均值的 3 倍。

Our team is also hard at work on new credit cards for Robinhood customers, starting with something special for Gold customers. Currently, for funded customers with our historical X1 credit card, they have an ARPU of over $300 on credit alone. That's nearly 4x our current average. This represents another opportunity for us to diversify our business and introduce new products to our customers who have a median credit score of about 720 and 2/3 of whom are prime or prime plus. We look forward to sharing more about our plans with you soon.

我們的團隊也致力於為 Robinhood 客戶開發新的信用卡，首先是為 Gold 客戶提供特殊服務。目前，對於擁有我們歷史悠久的 X1 信用卡的資金客戶來說，光是信用卡的 ARPU 就超過 300 美元。這幾乎是我們目前平均值的 4 倍。這為我們提供了另一個機會，使我們的業務多元化，並向我們的客戶推出新產品，這些客戶的信用評分中位數約為 720，其中 2/3 為 Prime 或 Prime Plus。我們期待盡快與您分享更多有關我們計劃的資訊。

Now let's turn to financial results. In the fourth quarter, we generated net income of $30 million as total net revenues increased 1% sequentially to $471 million, and total expenses came in better than our outlook.

現在讓我們轉向財務表現。第四季度，我們實現淨利 3,000 萬美元，總淨收入較上季成長 1%，達到 4.71 億美元，總支出也優於我們的預期。

Looking at Q4 revenues, transaction revenues increased as crypto notional volumes nearly doubled, and other revenues grew as we saw early traction in Sherwood Media and added more Gold subscribers. These increases were partially offset by the anticipated decline in net interest revenues from lower sec lending demand across the industry. I'd also note that our monthly metrics now include total sec lending revenues, so investors have even more visibility into the drivers of our net interest revenues through the quarter.

從第四季度的收入來看，交易收入隨著加密貨幣名目交易量幾乎翻倍而增加，而其他收入則隨著我們看到 Sherwood Media 的早期吸引力並增加了更多黃金訂戶而增長。這些成長被整個產業證券貸款需求下降導致的淨利息收入預期下降所部分抵銷。我還想指出，我們的每月指標現在包括證券貸款總收入，因此投資者可以更清楚地了解本季淨利息收入的驅動因素。

Looking at fourth quarter expenses. Adjusted OpEx was $364 million, performing better than our outlook even while we increased our growth investments. And for share-based compensation, it was $81 million, in line with our outlook. This combination drove Q4 adjusted EBITDA of $133 million, up 62% from a year ago.

看看第四季的支出。調整後的營運支出為 3.64 億美元，即使我們增加了成長投資，其表現也優於我們的預期。股份薪酬為 8,100 萬美元，符合我們的預期。這一組合推動第四季度調整後 EBITDA 達到 1.33 億美元，比去年同期成長 62%。

Now let's move to our 2024 outlook. We aim to deliver another year of revenue growth and margin expansion. Looking at revenues. With the current macro backdrop, we're finding for strong growth in 2024, driven by continued 20-plus percent net deposit growth, increasing Gold adoption, double-digit gains and trading market share, exciting new product introductions and our diversified revenue model. And the year is off to a great start. January net deposits were nearly $4 billion, of which about 1/3 was net positive transfers in from other brokers. That January result was the highest monthly total since the first half of 2021, and we're seeing continued strength in early February.

現在讓我們展望 2024 年。我們的目標是再創一年的營收成長和利潤成長。看看收入。在當前的宏觀背景下，我們預計2024 年將出現強勁增長，這得益於持續20% 以上的淨存款增長、黃金採用率的增加、兩位數的收益和交易市場份額、令人興奮的新產品推出以及我們多元化的收入模式。今年有了一個好的開始。 1 月淨存款接近 40 億美元，其中約 1/3 是其他經紀商的淨正轉入。 1 月的結果是自 2021 年上半年以來最高的月度總數，並且我們看到 2 月初繼續強勁。

Looking at expenses. We plan to continue investing across new products, features, marketing and international while getting more efficient in our existing businesses and managing head count growth all in to low single digits.

看看費用。我們計劃繼續在新產品、功能、行銷和國際領域進行投資，同時提高現有業務的效率，並將員工人數成長控制在較低的個位數。

Our 2024 outlook for combined adjusted OpEx and share-based compensation is $1.85 billion to $1.95 billion, which is up 5% at the midpoint from last year's $1.81 billion, excluding the Founder Award Cancellation. This range includes about $85 million of quarterly share-based compensation similar to our run rate for the back half of 2023.

我們對 2024 年調整後營運支出和股權薪酬的綜合預期為 18.5 億美元至 19.5 億美元，比去年的 18.1 億美元中位數成長 5%（不包括創辦人獎勵取消）。該範圍包括約 8,500 萬美元的季度股權薪酬，與我們 2023 年下半年的運行率類似。

As for timing, we anticipate Q1 will likely be in the upper half of our implied range as we lean into marketing investments to start the year. We also continue to closely manage our share count. In 2023, diluted share count decreased nearly 5% due to the purchase of 55 million shares in Q3. And in 2024, we expect to manage dilution to 2% or less.

至於時機，我們預計第一季可能會處於我們隱含範圍的上半部分，因為我們傾向於在年初進行行銷投資。我們也繼續密切管理我們的股份數量。 2023 年，由於第三季購買了 5,500 萬股，稀釋後股份數量減少了近 5%。到 2024 年，我們預計稀釋率將控制在 2% 或更低。

We believe this plan positions us to drive profitable growth again in 2024 as we grow revenues and expand margins. We'll have to see how the year plays out, but so far, we like the growth we're driving to start the year.

我們相信，隨著收入的成長和利潤率的擴大，這項計劃將使我們能夠在 2024 年再次推動獲利成長。我們必須看看今年的表現如何，但到目前為止，我們對年初所推動的成長感到滿意。

I also wanted to share some perspective on the interest rate backdrop in 2024. First, when we look at the forward curve, the implied average Fed funds rate in 2024 is roughly the same as it was in 2023, making rates a fairly neutral input for revenue year-over-year. Second, of our $30-plus billion of interest earning assets, less than half of that is rate sensitive because we pass the vast majority of cash sweep interest onto our customers. So as rates move, we do not anticipate a significant change in the yield we earn on cash sweeps. And third and most importantly, declining interest rates tend to support growth in assets, balances and trading. So we think 2024 is the year when we'll see interest rates shift from being a headwind for our business growth into a tailwind.

我還想分享一些對 2024 年利率背景的看法。首先，當我們觀察遠期曲線時，2024 年隱含的平均聯邦基金利率與 2023 年大致相同，這使得利率成為相當中性的輸入收入同比。其次，在我們超過 30 億美元的生息資產中，只有不到一半對利率敏感，因為我們將絕大多數現金利息轉嫁給了客戶。因此，隨著利率的變化，我們預期現金掃蕩的收益率不會發生重大變化。第三，也是最重要的一點，利率下降往往會支持資產、餘額和交易的成長。因此，我們認為 2024 年我們將看到利率從業務成長的逆風轉變為順風。

In closing, we had a strong Q4 and 2023, and we have a lot of momentum to start the year. We remain focused on driving profitable growth for shareholders, as we work to maximize EPS and free cash flow per share in 2024 and the years to come.

最後，我們在第四季和 2023 年表現強勁，我們有很大的動力來開始新的一年。我們仍專注於推動股東獲利成長，努力在 2024 年及未來幾年實現每股收益和自由現金流最大化。

Now I'll turn the call back to Vlad.

現在我將把電話轉回弗拉德。

Thanks, Jason. As we enter the year, I want to highlight some of the areas we're most excited about to drive growth in 2024 and beyond. First, for winning the active trader market, we're going to continue to invest in our user experience on mobile, where we're currently #1 in market share. In addition, we will be launching a more feature-rich professional offering on the web for active traders, and we're also working on expanding our selection of tradable assets, in particular, with index options and futures coming later this year.

謝謝，傑森。在進入新的一年之際，我想強調一些我們最期待在 2024 年及以後推動成長的領域。首先，為了贏得活躍交易者市場，我們將繼續投資於行動裝置上的用戶體驗，目前我們在行動裝置上的市佔率排名第一。此外，我們將在網路上為活躍交易者推出功能更豐富的專業產品，我們也致力於擴大可交易資產的選擇，特別是今年稍後推出的指數選擇權和期貨。

Second, to grow wallet share, we're focused on increasing Gold memberships and net deposits. We plan to keep investing to make Robinhood Gold even more valuable for our customers and build off the early success of our retirement offering. At the same time, we also plan to launch new products like credit cards and add new account types such as joint accounts.

其次，為了增加錢包份額，我們專注於增加黃金會員資格和淨存款。我們計劃繼續投資，使 Robinhood Gold 對我們的客戶更有價值，並為我們的退休產品取得早期成功奠定基礎。同時，我們也計劃推出信用卡等新產品，增加聯名帳戶等新帳戶類型。

And third, for international expansion, after launching crypto in the EU and brokerage in the U.K., we have tens of thousands of international customers so far. What we're hearing from customers is that they want more of the full Robinhood product suite, so we're working to build that for them. We're also pursuing opportunities to expand into more jurisdictions.

第三，在國際擴張方面，在歐盟推出加密貨幣並在英國推出經紀業務後，迄今為止我們擁有數萬名國際客戶。我們從客戶那裡聽到的是，他們想要更多完整的 Robinhood 產品套件，因此我們正在努力為他們建立該產品套件。我們也正在尋求擴展到更多司法管轄區的機會。

Reflecting on the past 4 years, we've tripled our customer base and grown revenues nearly 7x. And when we look at all that's in front of us, we're excited by the opportunity to continue growing Robinhood significantly from here. And we have a ton of momentum to start 2024.

回顧過去 4 年，我們的客戶群增加了兩倍，營收成長了近 7 倍。當我們看到眼前的一切時，我們對有機會繼續大幅發展 Robinhood 感到興奮。 2024 年伊始，我們充滿動力。

I want to thank our customers and team for a great 2023. The team has been working incredibly hard. The road map is full. There's so much to do.

我要感謝我們的客戶和團隊，讓我們度過了美好的 2023 年。團隊一直在非常努力地工作。路線圖已滿。有很多事情要做。

Now let's move on to questions.

現在讓我們繼續提問。

Thank you, Vlad. For the Q&A session, we'll start by answering the top 5 shareholder questions from the Say Technologies ranked by number of votes.

謝謝你，弗拉德。在問答環節，我們將先回答 Say Technologies 中按得票數排名前 5 位的股東問題。

We have several questions that we already addressed on this call or in prior quarters and grouped together questions that share a common theme. After the Say questions, we'll turn to live questions from our analysts.

我們已經在本次電話會議或之前的幾個季度中解決了幾個問題，並將具有共同主題的問題組合在一起。在說問題之後，我們將轉向分析師的現場提問。

So I'll kick it off with our first question from Say. This one's for Jason. Your stock price is down 70% since the IPO. What do you have in place to get your stock price back up? Is the dividend in the works to at least provide some return on investment?

我將從薩伊提出的第一個問題開始。這是給傑森的。自 IPO 以來，你們的股價下跌了 70%。你有什麼措施可以讓你的股價回升？正在進行的股息至少能提供一些投資回報嗎？

Thanks for the question. We're hard at work on the inputs to driving value for shareholders. In 2023, we increased revenue by over $500 million and grew adjusted EBITDA even faster. And we're focused on driving revenues and profits higher in 2024. Over time, as we deliver on these inputs to the business, I think the stock price should follow.

謝謝你的提問。我們致力於為股東創造價值。 2023 年，我們的營收增加了超過 5 億美元，調整後 EBITDA 的成長速度更快。我們的重點是在 2024 年提高營收和利潤。隨著時間的推移，當我們向業務提供這些投入時，我認為股價應該會隨之上漲。

As for capital returns to shareholders, last year, we bought back about 6% of our shares, and we'll continue to look for ways, especially efficient ways, to deploy our capital. including investments in growth, M&A to accelerate our road map or returns of capital to shareholders over time. But right now, to your question, we don't have any plans for dividends.

至於股東的資本回報，去年我們回購了約6%的股份，我們將繼續尋找方法，特別是有效的方法來配置我們的資本。包括成長投資、加速我們路線圖的併購或隨著時間的推移向股東提供資本回報。但現在，對於你的問題，我們沒有任何股息計劃。

All right. Thank you, Jason. The next question is for Vlad. Vlad, what will it take to get Robinhood to the next level to start competing with Fidelity and the rest of the most common brokers?

好的。謝謝你，傑森。下一個問題是問弗拉德的。弗拉德（Vlad），如何讓羅賓漢（Robinhood）更上一層樓，開始與富達（Fidelity）和其他最常見的經紀人競爭？

Thanks for the question. So for starters, I think Robinhood is already competing with Fidelity and the rest of the common brokers. If you look at active traders, we've been growing trading market share by double digits. So that's not just volume but market share. We won head-to-head net asset transfers from all the other major brokerages in Q4, and that includes Fidelity. So that means that more assets actually flowed from Fidelity to Robinhood in Q4 than the other way around.

謝謝你的提問。因此，首先，我認為 Robinhood 已經在與 Fidelity 和其他普通經紀商競爭。如果你看看活躍的交易者，我們的交易市佔率一直在以兩位數的速度成長。因此，這不僅僅是數量，而是市場份額。第四季度，我們贏得了所有其他主要券商的正面淨資產轉移，其中包括富達。因此，這意味著第四季度實際上有更多的資產從 Fidelity 流向 Robinhood，而不是相反。

And so to take it to the next level, we're really excited about our strategy. We think there's so much more to do for active traders. The road map is full, and that includes investments across a slew of areas: one, making sure that the user experience remains best-in-class and continuing to invest there; adding new product innovations that our competitors don't offer such as 24-hour market; new asset classes, like futures, which our active traders have been really excited about and asking for; and new account types and more of the table stakes features that we just still have to get to. So there's a lot to do. And I should also mention not a lot of the brokers have adopted new technologies like crypto and that's an area where we're continuing to invest, and I see us extending our lead throughout 2024 and beyond.

因此，為了將其提升到一個新的水平，我們對我們的策略感到非常興奮。我們認為活躍交易者還有很多事情要做。路線圖很完整，其中包括一系列領域的投資：一是確保用戶體驗保持一流並繼續在這方面進行投資；增加競爭對手不提供的新產品創新，例如24小時市場；新的資產類別，例如期貨，我們的活躍交易者對此感到非常興奮並要求；以及新的帳戶類型和更多我們仍然需要了解的賭注功能。所以還有很多事情要做。我還應該提到，並沒有很多經紀商採用了加密貨幣等新技術，這是我們繼續投資的領域，我認為我們在 2024 年及以後將繼續擴大領先優勢。

Increasing wallet share. We've talked a little bit about the success we're seeing in driving net account transfers from other brokers. We think that there's a lot of headroom. There's a lot of improvements in our passive offerings like retirement. The road map there is full, and we're very excited about the credit card.

增加錢包份額。我們已經討論了一些我們在推動其他經紀商淨帳戶轉帳方面所取得的成功。我們認為還有很大的發展空間。我們的被動產品（例如退休）有很多改進。那裡的路線圖很齊全，我們對信用卡感到非常興奮。

And international, we did launch in the U.K. for brokerage, crypto for EU. That expands the addressable market quite dramatically. Not a lot of the common brokers even have an international presence to note. And I think over the couple -- over the next few years, we're making significant investments there. So I think if we're successful executing on our strategy, you could see Robinhood winning by even larger margins going forward.

在國際上，我們確實在英國推出了經紀業務，在歐盟推出了加密貨幣業務。這極大地擴大了潛在市場。值得注意的是，沒有多少普通經紀商擁有國際業務。我認為在接下來的幾年裡，我們將在那裡進行重大投資。因此，我認為，如果我們成功執行我們的策略，您可能會看到 Robinhood 未來以更大的優勢獲勝。

All right. Thank you, Vlad. The next question is for Jason. Jason, Robinhood has been profitable off and on, do you see Robinhood join the S&P 500 by qualifying and being profitable 4 quarters in a row?

好的。謝謝你，弗拉德。下一個問題是問傑森的。 Jason，Robinhood 一直斷斷續續地實現盈利，您認為 Robinhood 是否會透過連續 4 個季度的資格和盈利而躋身標準普爾 500 指數？

We'd love to join the S&P 500. And I think we're focused on the right things to do that, delivering consistent profitability, growing revenues even higher. Remember, though, there are only 500 spots on this, and there's -- this is a committee decision. So it's not completely in our control, but we'll keep focused on our business. And over time, it would be great to be part of that index.

我們很樂意加入標準普爾 500 指數。我認為我們專注於正確的事情來做到這一點，提供穩定的盈利能力，使收入增長得更高。但請記住，這方面只有 500 個名額，而且這是委員會的決定。因此，這並不完全在我們的控制範圍內，但我們將繼續專注於我們的業務。隨著時間的推移，如果能成為該指數的一部分那就太好了。

All right. Thank you, Jason. Next question is for you, Vlad. What kind of progress should we expect from the company in 2024?

好的。謝謝你，傑森。下一個問題是問你的，弗拉德。 2024年我們應該期待公司能有怎樣的進展？

So I'll break it down into the 3 areas we're focused on. For winning in the active trader market, there's user experience improvements, new assets like futures and index options as well as, I mentioned in my remarks earlier today, we've been doing very well on mobile. We're #1 in market share there. Frankly, on web, we haven't been doing as well. And so we're making a big investment there, and we're going to be launching a more professional offering geared toward active traders. So we're very excited about that. And as we continue to execute here, you should be able to track the progress and continued market share gains across all the assets that we offer, including equities, options and crypto.

因此，我將其分為我們重點關注的 3 個領域。為了在活躍的交易者市場中獲勝，需要改進用戶體驗、推出期貨和指數選擇權等新資產，以及我在今天早些時候的演講中提到的，我們在行動裝置上做得非常好。我們在那裡的市場份額排名第一。坦白說，在網路方面，我們做得併不好。因此，我們正在那裡進行大量投資，並且我們將推出針對活躍交易者的更專業的產品。所以我們對此感到非常興奮。當我們繼續在這裡執行時，您應該能夠追蹤我們提供的所有資產（包括股票、選擇權和加密貨幣）的進展和持續的市場份額成長。

For increasing wallet share, the credit card is something we're very excited about, including a special credit card for Gold customers. There's more to do on Robinhood Gold in general and in retirement, and we'll also be building and offering new account types like joint accounts. And then you should be able to track progress there by looking at our net deposits and our Gold subscribers.

為了增加錢包份額，我們對信用卡感到非常興奮，其中包括針對黃金客戶的特殊信用卡。總體而言，Robinhood Gold 和退休後還有更多工作要做，我們還將建立和提供新的帳戶類型，例如聯名帳戶。然後您應該能夠透過查看我們的淨存款和黃金訂戶來追蹤進度。

And then expanding internationally, we launched in the EU for crypto and in the U.K. for brokerage. Really, what we're focused in -- focusing on is delivering more features, making those experiences more feature rich and building on the initial U.K. and EU momentum that we've generated. And then what you should see there is an increase in the percentage of our funded customers that come from international markets as well as new funded customer growth over time.

然後向國際擴張，我們在歐盟推出了加密貨幣業務，並在英國推出了經紀業務。事實上，我們的重點是提供更多功能，使這些體驗功能更加豐富，並建立在我們最初在英國和歐盟產生的勢頭之上。然後您應該看到，來自國際市場的資助客戶的百分比增加，隨著時間的推移，新資助的客戶也在成長。

All right. Thank you, Vlad. And Vlad, this last Say question is also for you. Please offer a yearly realized gain and loss tracker showing short- and long-term gains. I've asked this in multiple earnings and currently have to track it manually in Excel.

好的。謝謝你，弗拉德。弗拉德，最後一個薩伊問題也適合你。請提供顯示短期和長期收益的年度已實現損益追蹤表。我在多份收入中都問過這個問題，目前必須在 Excel 中手動追蹤。

Well, thank you for the feedback, and thanks for continuing to ask. There is an impact to you asking because this is something that the team has actually been working towards. We're working hard to make great improvements to our tax [law] and P&L tracking this year, and we hope you'll like them. So stay tuned.

好的，謝謝您的回饋，也謝謝您繼續提問。您提出的問題會產生影響，因為這是團隊實際上一直在努力的方向。今年，我們正在努力對稅法和損益追蹤進行重大改進，希望您會喜歡它們。所以請繼續關注。

Right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking time to ask these questions of Vlad and Jason and look forward to more next quarter. Now I'll turn the call over to Jonathan to lead Q&A from our analysts.

正確的。謝謝你，弗拉德。 Say Technologies 向股東提出的問題到此結束。我們感謝我們的股東花時間向 Vlad 和 Jason 提出這些問題，並期待下個季度有更多問題。現在我將把電話轉給喬納森，由他主持分析師的問答。

And our first question for today comes from the line of Dan Dolev from Mizuho.

我們今天的第一個問題來自瑞穗的 Dan Dolev。

Amazing results. Congratulations, team. Really good. Making me proud.

驚人的結果。恭喜你，團隊。真的很好。讓我感到驕傲。

Thank you, Dan.

謝謝你，丹。

Of course. Yes. So I was actually really, really impressed by your comment, Vlad, about the $1.3 billion of net positive brokerage account transfer. To me, it looks like you're gaining massive share. I know in the past, other brokers have said that they're taking share away from you. Looks like the tide is turning. Like what are you seeing now?

當然。是的。所以，弗拉德，你對 13 億美元淨正經紀帳戶轉帳的評論給我留下了深刻的印象。對我來說，看起來你正在獲得巨大的份額。我知道過去其他經紀人曾說過他們正在從你手中奪走份額。看來潮流正在轉變。就像你現在看到的是什麼？

Yes. I mean, we've been investing a lot in the user experience. We've been investing in the service. The product results speak for themselves. In Q4, we were net positive -- so positive on a net basis for account transfers from every one of our major competitors. And these are big accounts coming in. So what's really amazing is I think the new functionality that we've been offering and the service quality improvements have led to people being comfortable moving in hundreds of thousands of dollars into Robinhood, which people wouldn't really talk about as much, but now it's becoming a destination for people's serious money.

是的。我的意思是，我們在用戶體驗方面投入了大量資金。我們一直在對這項服務進行投資。產品結果不言而喻。在第四季度，我們的淨額為正值－從我們每位主要競爭對手的帳戶轉帳淨值來看，我們的淨值都是正值。這些都是大客戶。因此，真正令人驚訝的是，我認為我們一直在提供的新功能和服務品質的改進讓人們願意將數十萬美元轉移到 Robinhood，但人們不會這麼做確實如此，但現在它正在成為人們大筆金錢的目的地。

We're going to continue to double down on that. Again, I want to emphasize we're not getting complacent. There's a ton of work that remains to be done and to be able to deliver these types of results and see customers coming to us from all of our major competitors in Q4. And from what we've announced in -- so far in Q1 has just been really positive. And it's taken a ton of work from the team to both improve the product and service and get to where that's happening.

我們將繼續加倍努力。我想再次強調，我們不會自滿。還有大量工作要做，要能夠提供這些類型的結果，並在第四季度看到來自所有主要競爭對手的客戶來到我們這裡。從我們所宣布的情況來看，第一季到目前為止，情況非常積極。團隊花費了大量的工作來改進產品和服務並實現這一目標。

Amazing stuff. Can I squeeze in another quick question? I know it's early days, but how -- can you talk a little bit about progress in terms of accounts and traction you're getting in the U.K.? Because this is, I think, a huge opportunity for Robinhood, so I just want to see how the traction has been going. And congrats again.

很棒的東西。我可以再問一個簡短的問題嗎？我知道現在還為時過早，但是您能談談您在英國獲得的客戶和吸引力方面的進展嗎？因為我認為這對 Robinhood 來說是一個巨大的機會，所以我只是想看看它的吸引力如何。再次恭喜。

Yes. No, we're very excited about that. A big part of our strategy is making Robinhood available to hundreds of millions of additional customers. And so I think we've talked about tens of thousands of customers in the EU and the U.K. already.

是的。不，我們對此感到非常興奮。我們策略的一個重要部分是讓 Robinhood 可供數億額外客戶使用。因此，我認為我們已經討論了歐盟和英國的數萬名客戶。

The U.K. is still rolling out. So we're working towards the app being generally available to any customer in the coming months. And we know we've got a lot of work to do. There's a lot of features that exist in the U.S. that our customers expect in these markets. And especially on the crypto side, there's going to be things that we can deliver in those markets that are not available in the U.S. So the road map is full, and both of the teams have been grinding exceptionally hard to improve the product at a very fast clip there.

英國仍在推出。因此，我們正在努力在未來幾個月內向所有客戶普遍提供該應用程式。我們知道我們還有很多工作要做。美國有許多我們的客戶期望在這些市場上擁有的功能。特別是在加密貨幣方面，我們可以在美國無法提供的市場上提供一些東西。因此路線圖已經完成，兩個團隊都在非常努力地以非常高的速度改進產品。那裡有快速剪輯。

And our next question comes from the line of Devin Ryan from JMP Securities.

我們的下一個問題來自 JMP 證券的 Devin Ryan。

A question just on kind of interest rates and trading. And I appreciate kind of the inverse correlation that you talked about. Obviously sitting here today with materially higher customer cash balances, and as you mentioned, you're passing along the majority of that benefit to clients. So if rates eventually do start to move lower, how are you guys thinking about the magnitude that could move back into the market from kind of those cash balances and then just what the implications are on ARPU? Is that a net positive to ARPU? Or how should we think about the interplay to revenues?

只是關於利率和交易的問題。我很欣賞你談到的逆相關性。顯然，今天坐在這裡的客戶現金餘額大幅增加，正如您所提到的，您正在將大部分好處轉嫁給客戶。因此，如果利率最終開始走低，你們如何考慮這些現金餘額可能返回市場的幅度以及對 ARPU 的影響？這對 ARPU 產生淨正面影響嗎？或者我們應該如何考慮與收入的互動？

Yes. Devin, this is Jason. When we've looked at kind of the movement of trading activity relative to interest rates moving up and down, we've seen a pretty strong inverse correlation there. And so we feel really good that we've got a nice natural hedge in the business between interest rates falling and interest in trading picking up.

是的。德文，這是傑森。當我們觀察交易活動相對於利率上下波動的情況時，我們發現那裡有相當強的逆相關性。因此，我們感覺非常好，因為我們在利率下降和交易興趣上升之間在業務中擁有良好的自然對沖。

And so in my comments, I talked a bit about the passing along a big portion of the interest rates to customers on Gold sweep, looking at the average interest rates expected for '24 being roughly in line with '23. So we feel really good about that. And then as I mentioned, kind of most importantly, we think that falling interest rates create a tailwind for the business. So overall, we feel really good about delivering strong revenue growth in this current macro environment.

因此，在我的評論中，我談到了將大部分利率轉嫁給黃金掃描的客戶，考慮到 24 年的平均利率預期與 23 年大致一致。所以我們對此感覺非常好。正如我所提到的，最重要的是，我們認為利率下降將為業務帶來推動力。總的來說，我們對在當前宏觀環境下實現強勁的收入成長感到非常滿意。

Okay. Terrific. And then just a follow-up here just on expenses. Obviously, I think the expense guide, 5% at the midpoint is very good. And you guys sound confident you can still fund all of your growth initiatives. So how do you guys think about maybe core growth in expenses over the intermediate term, maybe next 3 to 5 years? I would assume that it would be higher than that 5%. Maybe just walk us through some of the moving parts there.

好的。了不起。接下來只是關於費用的後續行動。顯然，我認為中間 5% 的費用指南非常好。你們聽起來很有信心仍然可以為所有成長計劃提供資金。那麼，你們如何看待中期（也許是未來 3 到 5 年）支出的核心成長？我認為這個比例會高於 5%。也許只是帶我們了解那裡的一些活動部分。

And then just the second part of the question is just thoughts on leaning in more on marketing spend. I mean you had a fantastic quarter. It sounds like you're having a lot of success with these promotions. And I'm just curious if maybe it makes sense to even lean in more there because it would seem the payoff is very good with all the momentum you have there.

然後問題的第二部分只是關於更多地依靠行銷支出的想法。我的意思是你度過了一個美好的季度。聽起來您在這些促銷活動中取得了巨大的成功。我只是很好奇，在這方面投入更多精力是否有意義，因為憑藉你在那裡擁有的所有動力，回報似乎非常好。

Great question. So first of all, when we look at core expense growth this year, we actually have a plan to take that down high single digits, perhaps even 10% and redirecting that spend to fund new growth initiatives. And then kind of looking out over the mid- to longer term, in terms of core growth, we think that could be low single digits, perhaps even lower. There's still a lot of opportunity for us to drive efficiency in this business. And we think we can maintain our core business and redirect the savings into growth initiatives over time.

很好的問題。因此，首先，當我們考慮今年的核心費用成長時，我們實際上有計劃將其降低到高個位數，甚至可能降低 10%，並將該支出重新定向為新的成長計畫提供資金。然後從中長期來看，就核心成長而言，我們認為這可能是低個位數，甚至可能更低。我們仍然有很多機會來提高這項業務的效率。我們認為，隨著時間的推移，我們可以維持我們的核心業務，並將節省的資金用於成長計畫。

On your question about leaning more into marketing, you're on the same page as the management team. That is the plan this year, and we are planning to spend up to about $100 million more in marketing in 2024, which is baked into this guidance. The team is really focused on bringing in high LTV customers with that spend, and we're liking kind of the early signals that we're seeing. And so we want to lean in more there.

關於更專注於行銷的問題，您與管理團隊的看法是一致的。這是今年的計劃，我們計劃在 2024 年在行銷方面增加約 1 億美元的支出，這已納入本指南中。團隊真正專注於透過這筆支出吸引高生命週期價值的客戶，我們很喜歡我們所看到的早期訊號。因此，我們希望在這方面投入更多精力。

And our next question comes from the line of Alex Markgraff from KBCM.

我們的下一個問題來自 KBCM 的 Alex Markgraff。

Just wanted to come back to the account transfer and some of the disclosure around the 1% bonus offering. Just wanted to understand how the average balance transfer, I think it was $100,000, kind of stacked up against your expectations for that campaign. And then, Vlad, with some of your comments earlier, I mean, is that directionally kind of the new normal in some of these transfer campaigns? Or how should we think about that?

只是想回到帳戶轉帳以及有關 1% 獎金發行的一些披露。只是想了解平均餘額轉移（我認為是 100,000 美元）與您對該活動的預期相抵觸。然後，弗拉德，根據您之前的一些評論，我的意思是，這是否是某些轉會活動中的新常態？或者說我們該如何思考這個問題？

Yes. So I would just say, looking back, over the past 10 years, we've taken market share of the trading activity. Now we're coming for the assets, too. So our focus is increasingly going to be on driving asset growth. We just completed the 1% promo for ACATS In taxable brokerage accounts. We saw over $3 billion in ACATS In from that. And now we're turning our focus on the 3% retirement promotion on rollovers and transfers for retirement accounts that runs through tax season. On average, as you pointed out, the customers transferring assets over are much larger than kind of the average account size, and we're really excited about the momentum that's giving us to start the year.

是的。所以我只想說，回顧過去10年，我們已經佔據了交易活動的市場份額。現在我們也來爭取資產了。因此，我們的重點將越來越集中在推動資產成長上。我們剛剛完成了應稅經紀帳戶中 ACATS 的 1% 促銷。我們從中看到了超過 30 億美元的 ACATS 收入。現在，我們將重點轉向整個納稅季針對退休帳戶的轉存和轉帳提供的 3% 退休促銷優惠。正如您所指出的，平均而言，轉移資產的客戶遠大於平均帳戶規模，我們對今年伊始的動力感到非常興奮。

And maybe if I could just squeeze in one more. Any sort of color or observations you could share with us on the interplay between some of the spot Bitcoin ETFs that were made available in the early part of the year as opposed to direct Bitcoin ownership?

也許如果我能再擠進一顆就好了。對於今年年初推出的一些現貨比特幣 ETF 與直接持有比特幣之間的相互作用，您有什麼看法或觀察可以與我們分享嗎？

Alex, this is Jason. I'll go ahead and take that. So we're really pleased to be offering all 11 of the Bitcoin ETFs on the first day of trading. I think that was a great outcome for customers. So far, we're seeing nice interest in the ETFs, but we think it's additive. About 5% of our overall trading in crypto is through the ETF, with 95% still being on spot trading through the crypto business. And that's stabilized.

亞歷克斯，這是傑森。我會繼續接受它。因此，我們非常高興能夠在交易首日提供所有 11 隻比特幣 ETF。我認為這對客戶來說是一個很好的結果。到目前為止，我們看到人們對 ETF 很感興趣，但我們認為這是附加的。我們的加密貨幣交易總量中約有 5% 是透過 ETF 進行的，其中 95% 仍透過加密貨幣業務進行現貨交易。而且已經穩定下來了。

So we feel really good to offer the selection for customers. We think it increases overall market interest in crypto and also brings liquidity to the market. So net-net, we're really pleased with the Bitcoin ETFs.

因此，我們很高興為客戶提供選擇。我們認為它增加了市場對加密貨幣的整體興趣，並為市場帶來了流動性。所以，我們對比特幣 ETF 非常滿意。

And our next question comes from the line of Will Nance from Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

Just I know in the prepared remarks, we're talking about continued revenue growth and margin expansion for the year. And it sounds like that's -- the assumption is it's probably coming on the revenue side, more from the trading side than from NII given the commentary around rates sort of being a push. So correct me if I'm wrong there if you're -- if there's like an assumption around better earning asset growth.

據我所知，在準備好的演講中，我們正在談論今年的持續收入成長和利潤率擴張。聽起來好像是——假設它可能來自收入方面，更多來自交易方面，而不是來自國家資訊基礎設施，因為圍繞利率的評論有點推動。因此，如果我錯了，如果你有一個關於更好的獲利資產成長的假設，請糾正我。

But I guess my thought -- my question would be, in the earlier response to one of the questions, it sounds like there's actually a lot more growth-related investments happening underneath the surface in this expense guide, and you guys are funding that with continued operational efficiencies and doing what you guys have done an amazing job over the past 2 years of doing and rightsizing the expense base. So just -- maybe can you talk about sort of how much of that growth-related investments is sort of discretionary and if we do see some kind of reduction in either near-term trading activity? I know we saw a very nice increase in, it seems like, both options and crypto towards the end of the year. How -- what kind of flex is there in those growth-related investments?

但我想我的想法- 我的問題是，在對其中一個問題的早期回答中，聽起來實際上在這份費用指南的表層之下發生了更多與增長相關的投資，而你們正在為這些投資提供資金持續提高營運效率，並做你們過去兩年在調整支出基礎方面所做的出色工作。那麼，也許您能談談與成長相關的投資中有多少是可自由支配的，以及我們是否確實看到近期交易活動有所減少？我知道我們在年底看到了選擇權和加密貨幣的成長。這些與成長相關的投資有什麼樣的彈性？

Yes. I mean I think marketing is almost always considered a discretionary spend. And so as I mentioned in my earlier response that we're leaning into marketing, that is always up to reevaluation, up or down, depending on the macro backdrop, how that changes and also how effective the marketing spend is. And so we'll continue to see how that plays out and update as we go.

是的。我的意思是，我認為行銷幾乎總是被視為可自由支配的支出。正如我在先前的回覆中提到的，我們正在傾向於行銷，這總是取決於宏觀背景、變化的方式以及行銷支出的有效性，無論是向上還是向下，都需要重新評估。因此，我們將繼續觀察結果如何，並不斷更新。

In terms of the cost savings that we're realizing in our core business, I said high single digits to perhaps even 10% of cost reduction there. And we're redeploying that into new areas of our business areas that Vlad was highlighting earlier.

就我們在核心業務中實現的成本節約而言，我說的是高個位數甚至 10% 的成本削減。我們正在將其重新部署到弗拉德先前強調的業務領域的新領域。

New growth is certainly discretionary. I'd say that we've decided, though, that we're pursuing these growth opportunities. And so I wouldn't expect us to pull back there certainly in 2024.

新的成長當然是可自由決定的。不過，我想說的是，我們已經決定，我們正在尋求這些成長機會。因此，我預計我們不會在 2024 年肯定會回到這個水平。

And Will, you did say rates are a push, and I agree with that. I would say that we also continue to see strong kind of double-digit growth in net deposits. And so assets continue to improve year-over-year, and we're certainly starting with a higher balance at the beginning of '24 than what we saw in '23.

威爾，你確實說過利率是一種推動力，我同意這一點。我想說的是，我們也持續看到淨存款強勁的兩位數成長。因此，資產繼續逐年改善，我們在 24 年初的餘額肯定會高於 23 年。

Yes. All that makes sense. And then just questions around -- thought process around the European expansion over the course of this year. What does that play into expectations if any? And what's the latest thinking on when this could be a more meaningful part of the story over time?

是的。這一切都是有道理的。然後就是關於今年歐洲擴張的思考過程的問題。如果有的話，這會對預期產生什麼影響？隨著時間的推移，這可能成為故事中更有意義的部分，最新的想法是什麼？

Yes, I'll take that one. While it's still early, we really like the initial traction we're seeing. We're already seeing a healthy portion of our user growth coming from outside of the U.S. And our focus now is really rounding out the product suite, bringing more services to customers across the globe. We think there's a huge opportunity for international to become a big part of our business.

是的，我會接受那個。雖然現在還為時過早，但我們真的很喜歡我們所看到的最初的吸引力。我們已經看到用戶成長的很大一部分來自美國以外的地區。我們現在的重點是真正完善產品套件，為全球客戶帶來更多服務。我們認為國際業務有巨大的機會成為我們業務的重要組成部分。

And our next question comes from the line of Steven Chubak from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的史蒂文·查巴克（Steven Chubak）。

This is Michael Anagnostakis filling in for Steven. I just wanted to touch on sec lend here. Could you give us an update on where you are in the journey for the fully paid program, how much incremental penetration you think you can drive? And given the uptick has been obscured by what's a challenging backdrop, can you remind investors what you think that business can deliver from a revenue perspective in a more normal environment?

我是麥可‧阿納格諾斯塔基斯 (Michael Anagnostakis)，接替史蒂文 (Steven)。我只是想談談這裡的秒借。您能否向我們介紹您在全付費專案過程中的最新進展？您認為可以推動多少增量滲透？鑑於充滿挑戰的背景掩蓋了這種上升趨勢，您能否提醒投資者，您認為在更正常的環境下，從收入的角度來看，企業可以帶來什麼？

Yes. Thanks, Michael, for the question. We're really pleased with the progress that we're making on the inputs of the securities lending business, particularly fully paid securities lending equities enrolled in the program increased from Q3 to Q4 from $10 billion to $14 billion. So really, really pleased with that, added 500,000 customers into the program sequential quarter basis.

是的。謝謝邁克爾提出這個問題。我們對證券借貸業務投入方面取得的進展感到非常滿意，特別是參與該計劃的全額支付證券借貸股票從第三季到第四季從 100 億美元增加到 140 億美元。對此我們真的非常非常滿意，在連續季度的基礎上增加了 50 萬名客戶。

I still think that there's quite a bit of headroom for us to continue to penetrate and get securities lending fully paid into the hands of our customers. It's a great way to augment yield, as we all know, and the team is hard at work to make sure customers understand that. I think that's showing up in the progress that we're making.

我仍然認為我們還有很大的空間繼續滲透並將證券借貸完全支付到我們的客戶手中。眾所周知，這是提高產量的好方法，團隊正在努力確保客戶理解這一點。我認為這體現在我們正在取得的進展中。

At the at the moment, the rebate rates that we're seeing are lower across the industry. But over time, I think as that normalizes a bit, the progress that we're making on inputs is really going to show through from a revenue basis.

目前，我們看到整個行業的回扣率較低。但隨著時間的推移，我認為隨著這種情況的正常化，我們在投入方面取得的進展確實會從收入的基礎上體現出來。

Yes, we think we still have room to run, and we could make meaningful progress towards heightened penetration this year.

是的，我們認為我們仍有發展空間，今年我們可以在提高滲透率方面取得有意義的進展。

Got it. And then I guess my follow-up, I wanted to briefly hit on expenses again maybe in a different vein. Now that the headcount reductions are largely in the rear view, how should we be thinking about the direction of travel for expense per head given the scalability of Robinhood coupled with the investments you're making, particularly international, where I imagine that may drive some incremental headcount growth?

知道了。然後我想我的後續行動是，我想再次以不同的方式簡短地討論開支問題。既然裁員很大程度上已經成為過去，考慮到 Robinhood 的可擴展性以及您正在進行的投資（尤其是國際投資），我們應該如何考慮人均支出的方向，我認為這可能會推動一些投資員工數量增量增長？

Yes. So the plan on headcount is to be roughly flat to slightly up this year, so we feel really good about the headcount posture that we have. In terms of the expense per head, there does continue to be opportunity for us to get even more efficient. Today, the vast majority of our headcount is in higher cost U.S. geographies, and there's opportunity there over time.

是的。因此，今年的員工人數計劃是大致持平或略有增加，因此我們對目前的員工人數狀況感到非常滿意。就人均支出而言，我們確實仍有機會提高效率。如今，我們的絕大多數員工都在成本較高的美國地區，隨著時間的推移，那裡會出現機會。

I think the real opportunity for us on headcount is really just increasing revenue per employee. And there, we feel like we're just getting started. There's a lot of opportunity for us to leverage the fixed cost infrastructure that we have at the company as we grow the business over time.

我認為我們在員工數量上的真正機會實際上只是增加每位員工的收入。在那裡，我們感覺我們才剛開始。隨著業務的不斷發展，我們有許多機會利用公司現有的固定成本基礎設施。

And our next question comes from the line of Michael Cyprys from Morgan Stanley.

我們的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

I wanted to ask about crypto, an area you guys continue to invest in. I was hoping you could elaborate on the investments you're looking to make here in '24 and beyond as well as how you envision crypto contributing to your business as you look out over the next 3 to 5 years.

我想問加密貨幣的問題，這是你們繼續投資的領域。我希望你們能詳細說明您希望在 24 年及以後進行的投資，以及您對加密貨幣如何為您的業務做出貢獻的設想。展望未來3至5年。

Yes. I mean we're investing a large amount into crypto, both in the EU and domestically. I think there's a ton of improvements left to make. Last year, we were really focusing on the trader experience and providing clarity, which we believe we've made significant progress on in just how much better our pricing is than that of our competitors. And we've seen that reflected in crypto trading market share.

是的。我的意思是，無論是在歐盟還是在國內，我們都在加密領域投入了大量資金。我認為還有很多改進要做。去年，我們真正專注於交易者體驗並提供清晰度，我們相信我們在定價比競爭對手好多少方面取得了重大進展。我們已經看到這反映在加密貨幣交易市場份額上。

We've also seen, and you probably caught this announcement just in the past couple of days, our on-ramp technology, Robinhood Connect, we've been making meaningful progress there. And so if you think about all that we have to be really, really good at to power our retail crypto offering, we've gotten really good at quick money movements, getting your fiat dollars into crypto as seamlessly as possible through building out our transfers products, delivering those funds into noncustodial wallets seamlessly. And so Robinhood Connect really leverages that and turns that into a powerful B2B product.

我們還看到，您可能在過去幾天裡看到了這項公告，我們的入口技術 Robinhood Connect 已經在這方面取得了有意義的進展。因此，如果您考慮到我們必須非常非常擅長為我們的零售加密產品提供動力，我們已經非常擅長快速資金流動，透過建立我們的轉賬，將您的法定美元盡可能無縫地轉換為加密貨幣產品，將這些資金無縫地轉移到非託管錢包。因此，Robinhood Connect 真正利用了這一點，並將其轉變為強大的 B2B 產品。

We announced a partnership with MetaMask a couple of days ago, and that's been one of the market leaders in noncustodial wallets. And they do a really nice thing where you can actually compare the use of different on-ramps, and they sort it by which one is the most cost effective. And when you kind of look on that page, you see Robinhood at the top. So I think it really shows the investments that we've made in our platform, and it's reflected in us being able to offer lower cost not just for our consumers but for business partners as well.

幾天前，我們宣布與 MetaMask 建立合作夥伴關係，MetaMask 是非託管錢包的市場領導者之一。他們做了一件非常好的事情，你可以實際比較不同入口匝道的使用情況，並根據最具成本效益的入口進行排序。當你查看該頁面時，你會在頂部看到羅賓漢。因此，我認為這確實顯示了我們在平台上所做的投資，它反映了我們不僅能夠為消費者而且也為業務合作夥伴提供更低的成本。

And I think you'll see us chipping away at this bit by bit. We think we can be the leading player in bridging the worlds of traditional finance and crypto. So there's a lot more where that came from.

我想你會看到我們正在一點一點地解決這個問題。我們認為我們可以成為連接傳統金融和加密世界的領導者。所以還有更多的來源。

Great. Just a follow-up question if I could. On the expense side, you guys continue to drive efficiency in the business. Heard you mentioned you can reduce underlying costs in '24 by up to 10% or so, understanding you look to reinvest that elsewhere. But -- and over the medium term, you could potentially look to grow expenses at a low single-digit pace. I was hoping you could maybe elaborate on the top contributors to that level of efficiency, the specific steps you're taking here in '24 and how those may -- those steps may differ as you look out over the medium term to hit those particular targets if you would.

偉大的。如果可以的話，只是一個後續問題。在費用方面，你們持續提高業務效率。聽到您提到您可以在 24 年將基本成本降低最多 10% 左右，了解您希望將其再投資到其他地方。但是，從中期來看，您可能會希望支出以低個位數的速度成長。我希望您能詳細說明對這種效率水平的主要貢獻者、您在24 年在這裡採取的具體步驟以及這些步驟可能會如何- 當您著眼於中期以實現這些特定目標時，這些步驟可能會有所不同如果你願意的話。

Yes, sure. I mean we've been really kind of fine-tuning our skills over the last couple of years in terms of efficiency. We're focused on business process efficiency using technology. We have a team that we've spun up that helps the business, find opportunities to improve efficiency. One project we just finished was on recruiting, and we think we can save 20% to 40% of our time just on the recruiting process from optimizing our business steps that are involved.

是的，當然。我的意思是，過去幾年我們在效率方面確實在微調我們的技能。我們專注於利用科技提高業務流程效率。我們組建了一支團隊來幫助企業尋找提高效率的機會。我們剛完成的一個專案是關於招募的，我們認為透過優化所涉及的業務步驟，僅在招募流程上就可以節省 20% 到 40% 的時間。

As I mentioned earlier, I think there's an opportunity for us over time in terms of place of work with the vast majority of our employees working in high-cost locations within the U.S. That's something that we can make progress on in '24 as well as beyond. So those are the big levers that I'd point to.

正如我之前提到的，我認為隨著時間的推移，我們在工作地點方面會有機會，因為我們的絕大多數員工都在美國境內的高成本地點工作。這是我們可以在24 世紀以及20世紀取得進展的事。超過。這些就是我要指出的重要槓桿。

And our next question comes from the line of John Todaro from Needham & Company.

我們的下一個問題來自 Needham & Company 的 John Todaro。

Congrats on the beat. I guess I have 2 here, both on the crypto components. On the Bitcoin ETF versus buying Bitcoin directly on the platform, you mentioned earlier about 5% of overall crypto you thought was flowing into the ETFs. So was that 5% that migrated away from buying Bitcoin directly? Or was that an additive 5%?

恭喜節拍。我想我這裡有 2 個，都在加密元件上。關於比特幣 ETF 與直接在平台上購買比特幣的情況，您之前提到您認為大約有 5% 的加密貨幣流入了 ETF。那麼這 5% 的人是否不再直接購買比特幣了呢？或者說是5%的添加物？

Yes. We saw it was mostly additive. There were some traders that sold out of spot and got to ETF, but that was really more of the exception. And we also offer the ETFs in our retirement accounts, which accounted for some of the pickup as well. So overall, we don't view this as cannibalization. It's additive, and we think it's really good for customers as well.

是的。我們看到它主要是附加的。有一些交易員賣出了現貨併購買了 ETF，但這實際上只是例外。我們也在退休帳戶中提供 ETF，這也佔了部分成長。所以總的來說，我們不認為這是蠶食。它是附加的，我們認為它對客戶也確實有好處。

And then just one more. On the MetaMask integration, I think that's really interesting. It does kind of pivot Robinhood to be more of that fiat on-ramp to the ecosystem, DeFi on-chain stuff. Just curious, though, what is kind of the monetization strategy with that integration short term and then longer term?

然後還有一個。關於 MetaMask 集成，我認為這非常有趣。它確實讓 Robinhood 更像是通往生態系統、DeFi 鏈上東西的法定入口。不過，我只是好奇，短期和長期整合的貨幣化策略是什麼？

Yes. So we collect fees on the activity of the on-ramp. So that's the primary source of monetization and then any trading on our platform for that on-ramp also would show up in our transaction-based revenues.

是的。因此，我們對入口匝道的活動收取費用。因此，這是貨幣化的主要來源，然後我們平台上針對該入口的任何交易也會顯示在我們基於交易的收入中。

And our next question comes from the line of Patrick Moley from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Patrick Moley。

I just had one on Robinhood Gold. Just hoping you could update us kind of on how you think about pricing there with the expanded offerings that you're adding $5 a month seems like some would have been an expensive price to pay. So just hoping you could update us on your thoughts there and then maybe as we look internationally, how you sort of think about taking the subscription model overseas and how you see that playing out with a different kind of geographic customer mix.

我剛剛在 Robinhood Gold 上買了一張。只是希望您能向我們介紹一下您對擴展產品定價的看法，每月增加 5 美元，這似乎是一個昂貴的價格。因此，希望您能向我們介紹一下您的想法，然後也許當我們放眼國際時，您如何看待在海外採用訂閱模式以及您如何看待這種模式在不同類型的地理客戶組合中的應用。

Yes. This is Jason. I'll start and we'll see if Vlad has any additional color. We love the Gold program. Gold members have an ARPU that's multiples of our average ARPU. And you're right. The $5 a month is just a screaming deal. We want it to be obvious for every customer that they should be a Gold subscriber.

是的。這是傑森。我先開始，看看弗拉德是否還有其他顏色。我們喜歡黃金計劃。黃金會員的 ARPU 是我們平均 ARPU 的數倍。你是對的。每月 5 美元真是一筆划算的交易。我們希望每個客戶都清楚知道他們應該成為黃金訂戶。

So we're paying close attention to the behavior of Gold. They're bringing in more net deposits. They're using more of our products, and they do all of that with a relatively modest monthly subscription. We'll evaluate pricing over time. But all in, we just love the economics of the gold subscription. And I do think, over time, there's an opportunity for us to take Robinhood Gold internationally.

因此，我們正在密切關注黃金的行為。他們帶來了更多的淨存款。他們越來越多地使用我們的產品，每月訂閱費用相對較低。我們將隨著時間的推移評估定價。但總而言之，我們就是喜歡黃金認購的經濟效益。我確實認為，隨著時間的推移，我們有機會將 Robinhood Gold 推向國際。

Yes. I don't have much to add there. I think that other financial service companies offer these Gold perks to their high net worth customers. And usually, there's balance requirements. You have to have millions of dollars in your account. And so we think it's very mission aligned to provide those same types of services to any customer for such a small monthly fee. I think it really has the potential to disrupt the wealth management industry just in the same way that we've been disrupting trading. And our focus has been on making the experience even better, getting the adoption rate up, making it easy for new customers, in particular, to onboard onto the product. We've seen really healthy improvements in sort of like the first week attach rate of Gold among new customers. And we think that there's further improvements, and we've got a lot slated for this year to make the Gold offering even better.

是的。我沒有太多要補充的。我認為其他金融服務公司向其高淨值客戶提供這些黃金福利。通常，有平衡要求。你的帳戶裡必須有數百萬美元。因此，我們認為以如此低的月費向任何客戶提供相同類型的服務是非常符合使命的。我認為它確實有可能擾亂財富管理產業，就像我們擾亂交易一樣。我們的重點是讓體驗變得更好，提高採用率，讓新客戶（尤其是新客戶）更容易使用產品。我們已經看到了真正健康的改善，就像新客戶的第一周黃金附加率一樣。我們認為還有進一步的改進，今年我們計劃做很多事情來使黃金產品變得更好。

Okay. That's great color. And then just a follow-up on the equities and options take rate. Those have been coming down for the last couple of quarters. Options, fee capture seem to stabilize somewhat in the fourth quarter. Equities declined again. So just kind of as we look out to the next year, how do you think -- or how do you see the take rates there? Kind of what's the trajectory over the next couple of quarters, I guess, is the question?

好的。那顏色真棒。然後是股票和選擇利率的後續行動。過去幾個季度這些數字一直在下降。期權、費用取得似乎在第四季有所穩定。股市再次下跌。那麼，當我們展望明年時，您如何看待——或者您如何看待那裡的採用率？我想問題是接下來幾季的發展軌跡是什麼？

Yes, you bet. I'd 0 in on options for that. For the back half of the year, both Q3 and Q4, we were running at $0.41 per contract. And in January, we're in that zone, but the mix is improving a bit. So we'll have to see how the year plays out. And nothing really to highlight on the equity side.

是的，你敢打賭。我對此的選擇是 0 。今年下半年，第三季和第四季度，我們的價格為每份合約 0.41 美元。一月份，我們就處於這個區域，但混合情況正在改善。因此，我們必須看看今年的情況如何。在股權方面沒有什麼真正值得強調的。

And our next question comes from the line of Ken Worthington from JPMorgan.

我們的下一個問題來自摩根大通的肯‧沃辛頓。

As we look to election season in the SEC, do you expect the SEC will execute on the market structure changes proposed last year for equity markets? And if so, do you think their -- that equity market structure changes will differ from the original proposals? Or are they likely to stay on track? And which are you -- are kind of most important to Robinhood here?

當我們展望美國證券交易委員會的選舉季時，您預期美國證券交易委員會將執行去年提出的股票市場市場結構改革嗎？如果是這樣，您認為他們的股票市場結構變化會與最初的提議有所不同嗎？或者他們可能會繼續走在正軌上嗎？你是哪一個——對羅賓漢來說最重要？

So we think a fair amount will probably be executed heading up into the election season. I think best ex is an important aspect to that. We participated in the comment process, and we feel like a fair number of our comments were incorporated, and that's baked into really the expectations that we have for 2024.

因此，我們認為在選舉季節之前可能會執行相當數量的資金。我認為最好的前任是其中一個重要的方面。我們參與了評論過程，我們覺得我們的大量評論已被納入其中，這確實融入了我們對 2024 年的期望。

And then on TOAs, you mentioned that the TOAs are positive for the major brokers. Are you seeing positive transfer of assets from the major crypto providers as well?

關於 TOA，您提到 TOA 對主要經紀商來說是積極的。您是否也看到主要加密貨幣提供者的資產積極轉移？

So it's a little bit difficult to reconcile the crypto activity in that way because a lot of people use crypto or Robinhood as an on-ramp to transfer to purchase crypto and then kind of use it in the Web3 ecosystem. So it's a little bit different of a behavior than brokerage ACAT transfers, where those assets tend to sit and accumulate. So I don't think you can make really apples-to-apples comparison.

因此，以這種方式協調加密貨幣活動有點困難，因為許多人使用加密貨幣或 Robinhood 作為轉移購買加密貨幣的入口，然後在 Web3 生態系統中使用它。因此，這與經紀 ACAT 轉移的行為有點不同，這些資產往往會停留並累積。所以我認為你無法進行真正的同類比較。

The one thing, Ken, that I'd highlight is that the crypto volume on Robinhood nearly doubled in Q4, so really seeing strong engagement and increasing market share.

Ken，我要強調的一件事是，Robinhood 上的加密貨幣交易量在第四季度幾乎翻了一番，因此確實看到了強勁的參與度和不斷增加的市場份額。

And our next question comes from the line of Benjamin Budish from Barclays.

我們的下一個問題來自巴克萊銀行的本傑明·布迪什。

I wanted to follow up on an earlier question about taking the subscription model overseas. Maybe can you talk a little bit about, now that you're rolling out in the U.K., what the revenue model looks like over there? I mean I think we all understand it will look somewhat different than the U.S. But can you kind of give us any kind of color on what that should look like as the platform ramps over there? What are the kind of main sources of revenues?

我想跟進之前關於在海外採用訂閱模式的問題。也許您可以談談，既然您正在英國推出，那麼那裡的收入模式是什麼樣的？我的意思是，我認為我們都知道它看起來會與美國有所不同，但是您能否給我們一些關於那裡的平台升級時應該是什麼樣子的顏色？主要收入來源有哪些？

Yes. Ben, I'd say, in the U.K., we know that payment for order flow isn't allowed, but really, all of the other income streams are available there over time, so margin, fully paid securities lending, certainly interest on cash. And so I would say, as we look internationally, the revenue characteristics and ARPU, in some jurisdictions, it will be a little higher than the U.S., some a little lower. But on average, we think that the income potential is pretty much on par with what we're seeing in the U.S.

是的。本，我想說，在英國，我們知道不允許為訂單流付款，但實際上，隨著時間的推移，所有其他收入流都可以在那裡獲得，因此保證金、全額支付的證券借貸，當然還有現金利息。所以我想說，當我們放眼國際時，某些司法管轄區的收入特徵和 ARPU 會比美國高一點，有些則低一些。但平均而言，我們認為收入潛力與我們在美國看到的收入潛力相當。

And we know that, that market, in particular, is very used to subscription products, so we're definitely hard at work crafting a great Gold experience for international.

我們知道，該市場尤其習慣於訂閱產品，因此我們肯定會努力為國際客戶打造出色的黃金級體驗。

Yes. And remember that payment for order flow is actually a pretty modest portion of our revenue for equities trading in the U.S., and so not having that in the U.K. is not a big concern.

是的。請記住，訂單流支付實際上只占我們在美國股票交易收入中相當小的一部分，因此在英國沒有這一點並不是一個大問題。

Got it. That's helpful. And maybe one follow-up, maybe sort of connected. Can you talk about the activity you're seeing in your 24-hour markets? I know some of the appeal is for overseas investors who are far away in different time zones, but you've talked in the past about expanding access outside of the traditional trading hours. So what sort of activity are you seeing there? What kind of uplift might you see as you kind of continue to roll out more stock to that offering?

知道了。這很有幫助。也許還有一個後續行動，也許有某種關聯。您能談談您在 24 小時市場中看到的活動嗎？我知道其中一些吸引力是針對遠在不同時區的海外投資者，但您過去曾談到擴大傳統交易時間之外的准入。那麼您在那裡看到什麼樣的活動呢？當您繼續向該產品推出更多庫存時，您可能會看到什麼樣的提升？

Yes. I think the team has done tremendous work making the 24-hour market offering better and better. We started with a pretty limited set of names roughly a year ago. They've been adding names by the hundreds. So we have somewhere around 900 tickers available in the overnight trading session. Hundreds of thousands of our customers have used the product. And we've seen particularly strong activity around earnings when, really, Robinhood is among the only places available to trade some of these tickers.

是的。我認為團隊做了巨大的工作，讓 24 小時市場提供的服務越來越好。大約一年前，我們從一組相當有限的名字開始。他們已經添加了數百個名字。因此，我們在隔夜交易時段有大約 900 個股票行情。我們的數十萬客戶已經使用過該產品。我們看到圍繞著收益的活動特別強勁，而事實上，Robinhood 是唯一可以交易其中一些股票的地方之一。

So we're going to continue to invest there. I think there's a lot to do, particularly as we improve the active trading tooling and offerings because this product is resonating particularly well among our key active trader customers.

所以我們將繼續在那裡投資。我認為還有很多工作要做，特別是在我們改進活躍交易工具和產品方面，因為該產品在我們的主要活躍交易者客戶中引起了特別好的共鳴。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Vlad Tenev for any further remarks.

今天節目的問答環節到此結束。我想將程序交還給弗拉德·特涅夫（Vlad Tenev）以供進一步評論。

Yes. Thank you all. Great questions. And the team is already hard at work getting 2024 started, so not much holiday rest here for Robinhood. We look forward to seeing you next quarter.

是的。謝謝你們。很好的問題。團隊已經在為 2024 年開始而努力工作，所以 Robinhood 沒有太多假期。我們期待下個季度見到您。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。